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Pani-rosa [81]
3 years ago
7

Corporation has found that ​% of its sales in any given month are credit​ sales, while the remainder are cash sales. Of the cred

it​ sales, Corporation has experienced the following collection​ pattern: 20% received in the month of the sale 40% received in the month after the sale 24% received two months after the sale 16% of the credit sales are never received November sales for last year were ​, while December sales were . Projected sales for the next three months are as​ follows: January sales. . . . . . . . . . . . . . . . $150,000 February sales. . . . . . . . . . . . . . . $130,000 March sales. . . . . . . . . . . . . . . . . $175,000 Requirement Prepare a cash collections budget for the first​ quarter, with a column for each month and for the quarter. ​(Round your answers to the nearest whole​ dollar.) Sweeney Corporation Cash Collections Budget For the Months of January through March January Cash sales Collections on credit sales: 20% Month of sale 40% Month after 24% Two months after Total cash collections Enter any number in the edit fields and then click Check An
Business
1 answer:
Reika [66]3 years ago
3 0

Answer:

Some information is missing, specifically the % of credit sales. Similar questions use 80%, so I will use that %. Also, November sales were $85,000 and December sales were $115,000.

<h2>                               <u>Cash collections budget</u></h2>

                                                January              February             March

Cash sales                               $30,000            $26,000              $35,000

Collection from Nov. sales      $16,320

Collection from Dec. sales     $36,800             $22,080

Collection from Jan. sales      $24,000            $48,000              $28,800

Collection from Feb. sales                                $20,800               $41,600

<u>Collection from March sales                                                          $28,000</u>

Total cash collections            $107,120             $116,880             $133,400

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Answer:

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They would need to have at least 3 computers

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Bracey Company manufactures and sells one product. The following information pertains to the
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Answer:

<h2>Bracey Company</h2>

1. Assuming that Bracey Company uses super-variable costing:

a. Computation of the unit product cost for the year:

Unit product cost

= unit cost of direct materials = $19

b. Bracey Company Income Statement for the year ended December 31:

Sales Revenue                                                             $990,000

Cost of goods sold                                                         342,000

Contribution                                                                 $648,000

Period Costs:

Direct labor                                                 $250,000

Fixed manufacturing overhead                   300,000

Fixed selling and administrative expenses  90,000 $640,000

Net Income                                                                       $8,000

2. Assuming Bracey Company uses a variable costing system that assigns $12,50 of direct labor cost to each unit produced:

a. Computation of the unit product cost for the year:

Unit product cost

= Direct materials $19

  Direct labor        $12.50

Total                      $31.50

b. Bracey Company Income Statement for the year ended December 31:

Sales Revenue                                                             $990,000

Cost of goods sold                                                         567,000

Contribution                                                                 $423,000

Period Costs:

Fixed manufacturing overhead                   300,000

Fixed selling and administrative expenses  90,000 $390,000

Net Income                                                                     $33,000

3. Assuming Bracey Company uses an absorption costing system that assigns $12.50 of direct labor  cost and $15.00 of fixed manufacturing overhead cost to each unit produced:

a. Computation of the unit product cost for the year:

Unit product cost:

Direct materials $19.00

Direct labor        $12.50

Overhead          $15.00

Total                  $46.50

b. Bracey Company Income Statement for the year ended December 31:

Sales Revenue                                                             $990,000

Cost of goods sold                                                         837,000

Contribution                                                                  $153,000

Period Costs:

Fixed selling and administrative expenses                    90,000

Net Income                                                                     $63,000

4. Reconciliation between super-variable costing and variable costing net operating incomes:

a.

Net operating income as per super-variable costing          $8,000

Add Ending Inventory, direct labor cost (2,000 x $12.50)  25,000

Net operating income as per variable costing                  $33,000

b.

Net operating income as per super-variable costing            $8,000

Add Ending Inventory, labor + overhead (2,000 x $27.50)  55,000

Net operating income as per absorption costing               $63,000

Explanation:

a) Data and Calculations:

Variable cost per unit:

Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $19

Fixed costs per year:

Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . $250,000

Fixed manufacturing overhead . . . . . . . . . .  $300,000

Fixed selling and administrative expenses .  $90,000

Total units produced . . . . . . . . . . . . . . . . . . . . . . 20,000

Total units sold . . . . . . . . . . . . . . . . . . . . . . . . . . .  18,000

Units in Ending Inventory  . . . . . . . . . . . . . . . . . .  2,000

Selling price per unit . . . . . . . . . . . . . . . . . . . . . . . . . $55

b) Bracey Company's super-variable costing method bases the product cost only on the cost of totally variable costs (direct materials).  This unit product cost is then applied to the cost of goods sold and the inventory.  Other variable and even manufacturing overhead costs are not charged to the ending inventory and the cost of goods sold.  They are all regarded as period costs and charged  against income during the period.  The profit produced in the early periods will be substantially less than subsequent years profits.

Bracey variable costing technique charges all variable factory costs to determine the product cost.  On the other hand, the absorption costing method charges all factory costs, whether variable or fixed to determine the product cost.

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